NewBridge Bancorp Reports $1.1 Million Fourth Quarter 2010 Net Income; $3.4 Million Net Income For Year
NewBridge Bancorp ( NASDAQ: NBBC), parent of NewBridge Bank, today reported financial results for the fourth quarter and fiscal year ended December 31, 2010.
For the fourth quarter, net income totaled $1.1 million compared to $51,000 for the fourth quarter ended December 31, 2009. After dividends and accretion on preferred stock, the Company reported net income available to common shareholders of $390,000, or $0.02 per diluted share. After dividends and accretion on preferred stock in the prior year’s fourth quarter, the net loss available to common shareholders was ($679,000), or ($0.04) per diluted share.
For the full fiscal year just ended, net income totaled $3.4 million and net income available to common shareholders amounted to $462,000, or $0.03 per diluted share, compared to a net loss of ($15.1) million and a loss of ($18.1) million available to common shareholders, or ($1.15) per diluted share, in 2009.
The fourth quarter included a $338,000 impairment charge on properties associated with the recently announced agreement to sell the Bank’s Harrisonburg, Virginia operations. The fourth quarter of 2009 included a $389,000 pre-tax gain on sale of investment securities. The year ended December 31, 2010 also included a $3.6 million pre-tax gain on sale of investment securities. The 2009 fiscal year included one-time expenses related to restructuring branch operations, terminating certain retired data processing systems and termination of non-executive employment agreements totaling $2.9 million pre-tax, as well as a special industry-wide FDIC assessment expense of $970,000, partially offset by a $1.1 million pre-tax gain on sale of merchant card services.In making the announcement, Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: “We are pleased to report a profit in 2010 on the strength of a number of positive trends that resulted in a $29.9 million pre-tax improvement over the prior year. Our net interest margin remained stable for the quarter and year which resulted in a $10.1 million increase in net interest income. Noninterest expense declined $5.0 million on disciplined cost cutting measures, despite a $3.5 million rise in OREO write-downs and expense. Other credit related costs also declined as nonperforming loans decreased 47% below peak levels, excluding restructured loans. In addition noninterest income and capital levels improved. The Company’s tier one leverage capital was 9.69% and total risk based capital was 13.13% at December 31, 2010.”
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